VALENCIA, CA-A fully leased, prime grocery-anchored neighborhood center is on the block for sale in the Los Angeles submarket of Santa Clarita. The Jones Lang LaSalle’s capital markets team was hired to market the 126,956-square-foot center here, and managing director Michelle Schierberl, tells GlobeSt.com that a significant amount of investors are expected to be interested in Bridgeport Marketplace.
Schierberl points out that investors like pension funds, REITS, and private buyers will be attracted to the center “for its stabilized income stream with long-term leased tenants, as this type of core, class A property is extremely scarce lately.”
Bridgeport Marketplace was built in 2008 and is located at the intersection of McBean Parkway and Newhall Ranch Road in Valencia. It is anchored by Walgreen’s and Valley Produce Market and home to a number of other restaurants as well as medical office and fitness offerings.
The center also features abundant outdoor patios, water features and walkways and has also been used in television and movies, providing additional revenue. JLL could not disclose the seller’s identity at this time.
Vice president Don Ellis is helping Schierberl lead the JLL team on the transaction, while managing director Chris Casey is providing financing expertise. Schierberl tells GlobeSt.com that the property is owned by the developer who built it, Intertex Development and their equity partner, Madison International, but did not provide reasons for selling at this time.
“The Los Angeles retail market is one of the strongest in the nation, and Santa Clarita, in particular, has performed extremely well during the recession. In the immediate three-mile trade area, the average household income is more than $116,000 per year, making it very appealing to retailers,” Schierberl says.
When asked what kind of value the center is expected to fetch, Schierberl tells GlobeSt.com that “neighborhood centers are selling between 5.5 to low 6 cap rate range in Southern California depending on demographics, tenants and sales.”
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